Oil slumped to four-month low on oversupply fears ahead of OPEC+ meeting
The focus now shifts to Sunday’s OPEC+ gathering, where members are expected to consider raising output by as much as 500,000 barrels per day in November
Oil prices fell to their lowest levels in four months on Thursday, extending a week-long slide as mounting concerns over oversupply overshadowed geopolitical risks ahead of a key OPEC+ meeting.
Brent crude settled $1.24 lower, or 1.9%, at $64.11 a barrel, its weakest close since 2 June.
WTI dropped $1.30, or 2.1%, to $60.48, the lowest since 30 May. Both benchmarks have lost around 8% so far this week, putting them on track for the steepest weekly decline since late June.
The focus now shifts to Sunday’s OPEC+ gathering, where members are expected to consider raising output by as much as 500,000 barrels per day in November — triple October’s increase — as Saudi Arabia seeks to defend market share.
Oversupply concerns have been amplified by rising US crude, gasoline and distillate inventories, softer refinery runs, and seasonal demand weakness.
Geopolitical developments provided only limited support. Washington confirmed it will share intelligence with Ukraine to facilitate strikes on Russian energy infrastructure, though analysts said disruption to flows remains speculative.
Written: Aiman Haikal